Uber says plans to ‘opportunistically monetize our equity stakes over time’

In prepared remarks, the company said, “We continue to maintain strong liquidity, ending the quarter with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments. In addition, our equity stakes were marked at $10.3 billion, the majority of which are publicly listed. We plan to opportunistically monetize our equity stakes over time, partly to seed investments related to advancing AV commercialization. Year-to-date, we successfully monetized approximately $1.4 billion from our equity stakes. We will utilize those proceeds in line with our capital allocation priorities. Those capital allocation priorities remain unchanged: disciplined reinvestment in future growth; selective acquisition opportunities, maintaining ample liquidity consistent with a solid investment grade rating; and returning excess cash to shareholders. During Q3, as part of our ongoing efforts to optimize our capital structure, we issued $2.3 billion of Senior Notes, with which we retired our Senior Notes due in 2027 and 2028 and intend to pay down our $1.2 billion Convertible Notes due December 2025. These actions will extend our average debt maturity by over a year while roughly maintaining our weighted average cost of debt.”